Hi everyone, welcome to my homework post for Professor @yohan2on in the season 2. I am going to discuss about Litecoin as my task in this homework post.

What are Altcoins?

Bitcoin was the first Cryptocurrency came into being in 2009 and now it is the largest cryptocurrency by market capitalization. After acceptance of Bitcoin, many other cryptocurrencies came into being and these are termed as Altcoins. In other words, it can be said that Bitcoin is the mother of all cryptocurrencies and all other cryptocurrencies that are used as alternate to Bitcoin are termed as Altcoins.

There are more than 5000 altcoins existing now. They all are being introduced by different organizations with different purposes and products. I will discuss for the sake of homework post about Litcoin.

Litecoin.

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Litcoin (LTC) came into limelight in 2011. Litcoin is a peer to peer cryptocurrency and its founder is Charlie Lee who was the previous employee of Google. Litecoin has been introduced with the purposes of less transaction fees and efficient processing speed mainly. It has all the characteristics of Blockchain technology like decentralized in nature and is based on Bitcoin network similar source code.

Purpose of Litecoin.

Altcoins are being invented mainly to overcome the flaws of Bitcoin. Litecoin has also been invented with likewise purposes and I am going to discuss these purposes in detail below.

Reduced Transaction Fees.

Litecoin was invented with the purpose of reduced transaction fees. Bitcoin processing fees are higher and keeping in view, Litecoin's transaction fees are kept very low to facilitate users.

Transaction Speed.

Litecoin was invented with the purpose of more transaction speed as compared to transaction speed of Bitcoin. Bitcoin requires 10 minutes to process a transaction while a transaction is processed in 2.5 minutes with Litecoin. Thus, Litecoin is more faster than Bitcoin, and facilitating the users with faster transaction speed.

Market Cap of Litecoin.

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Litecoin is among top 10 cryptocurrencies by market capitalization. It is currently on Number 9 with market Cap of $18,690,998,584. Its current price is $279.07 and it is among Large Capital.

Mining of Litecoin.

Total circulation will be 84 million of Litecoin in the market. So it has limited supply. Until then, Litecoin will be mined. Mining is a process of recording a transaction on the blockchain after being verified by a mining device. As soon as transaction is verified by mining device, Litecoin is issued. The device who verified the transaction is rewarded with litecoin. In this way, Litecoin is being issued until total supply of 84 million is reached.

Litecoin Liquidity.

Litecoin is being traded on almost all the exchanges and thus making availability of Litecoin very easy to the users. Liquidity of any coin is the standard of measure by which acceptance and availability is tested. Litecoin is available in many pairs on almost all the exchanges.

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Conclusion.

Litecoin is being accepted widely and it is only a matter of time when cryptocurrencies will be accepted by almost all countries in the world. Litecoin is providing services to its users very well as per its purposes of invention. It has a good future in my opinion.

@yohan2on

Thanks in anticipation,

Regards,

@mawattoo8